Even though many people make New Year’s resolutions to improve their finances, a survey by Edward Jones found that while many investors start the year on the right track, they tend to lose focus before the year is out.
The survey of 2,200 Americans found that 45% give up their resolutions before the year is out.
“It’s extremely important to set realistic goals,” said Katie Tan, a financial advisor at Edward Jones.. “If you know straight away it’s not going to happen, you’re going to lose all motivation.”
The survey also pointed to the benefit advisors can provide for their clients in achieving their goals, as about half of those surveyed said that they would find a financial advisor helpful in setting and staying accountable for their 2024 financial goals.
The need for financial securities appears to be more important to people than getting physically fit as 20% said they have engaged a financial advisor as opposed to only 7% who have hired a personal trainer to start the year, Edward Jones said.
Fifty-four percent of respondents said they are planning to make a change for this year and will meet with their advisor before March, Tan said.
In the Edward Jones study, 31% of those in Generation Z said that financial advisors have been helpful while 27% of millennials agreed and 19% of those from Generation X also agreed.